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New Zealand's economy over the last five years grew on average at about 3% a year - above trend - while employment growth of 3% a year had also been above trend, Wheeler said.

"We're still very much in the neutral stage where for the foreseeable future we don't see the OCR (official cash rate) increasing", said Wheeler, addressing his last monetary policy news conference before his five-year term ends next month.

The kiwi traded at US73.26 cents as at 8am on Thursday in Wellington from US73.16c late Wednesday.

Governor Wheeler reiterated that the monetary policy would remain accommodative for some time. The front fell off many commodity markets. Swaps data show about an 80 percent chance of an increase by next August.

"Longer-term inflation expectations remain well anchored at around 2.0 per cent", he said, which would place it in the middle of the targeted 1.0-3.0 per cent inflation band.

But he said headline inflation was likely to decline in coming quarters as the effects of higher fuel and food prices dissipate.

The central bank expected growth to speed up, supported by low interest rates, strong population growth and fiscal stimulus in the 2017 budget.

It later noted the central bank had the capability to intervene in the foreign exchange market, although historically the RBNZ has been very reluctant to do so. Non-tradable inflation remains moderate but is expected to increase gradually as capacity pressure increases, bringing headline inflation to the midpoint of the target range over the medium term.

In the first quarter of this year, New Zealand's economy grew a below trend 0.5%, after an anemic 0.4% expansion in the fourth quarter blamed on temporary factors including an quake.

According to RBNZ policy makers, global economic growth increased and became more broad-based but wage growth subdued due to surplus capacity.

Yes, low productivity growth was disappointing - zero or negative on some measures - but the RBNZ doesn't have much control over that; Wheeler later encouraged Parliament's Finance and Expenditure Select Committee of MPs to focus on how to improve our productivity conundrum. Annual house-price growth slowed to 2.8 percent in June from 5 percent in May and 10 percent in March, the Real Estate Institute of New Zealand said last month.

Reserve Bank Governor Graeme Wheeler was both positive and defiant during the final press conference of his five-year term.

The bank also cited softening house price growth - a previous inflationary worry - attributing the slow-down to loan-to-value restrictions, affordability, and tightening credit conditions. RBNZ expects moderation to persist but the risk remains due to population growth and resource constraints.

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